19.10.2026 09:30:09 EEST | Wulff-Yhtiöt Oyj | Interim report (Q1 and Q3)
This is a summary of Wulff Group Plc's Interim Report January-September 2026. The complete report is attached to this stock exchange release as a pdf-file. The report is also available at the website www.wulff.fi
JULY-SEPTEMBER 2026 BRIEFLY
- Net sales totalled EUR 36.1 million (31.2), increasing by 15.8%
- EBITDA was EUR 2.7 million (3.1), and comparable EBITDA was EUR 2.8 million (2.2)
- Operating profit (EBIT) was EUR 2.0 million (2.3), and comparable operating profit (EBIT) was EUR 2.1 million (1.5)
- Earnings per share (EPS) were EUR 0.14 (0.26) and comparable earnings per share (EPS) were EUR 0.16 (0.14)
- The equity ratio was 39.0% (39.4)
JANUARY-SEPTEMBER 2026 BRIEFLY
- Net sales totalled EUR 104.1 million (89.4), increasing by 16.4%
- EBITDA was EUR 8.4 million (5.9), and comparable EBITDA was EUR 6.9 million (5.1)
- Operating profit (EBIT) was EUR 6.2 million (3.9), and comparable operating profit (EBIT) was EUR 4.6 million (3.0)
- Earnings per share (EPS) were EUR 0.59 (0.32) and comparable earnings per share (EPS) were EUR 0.36 (0.20)
FINANCIAL GUIDANCE 2026 (UNCHANGED)
Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2026.
The guidance is based on management's assessment of the market and business situation in Finland and Scandinavia. In particular, service businesses are expected to grow compared to 2025. Key uncertainties affecting the outlook are the general economic and employment situation, the development of inflation and interest rates as well as geopolitics: crises, tensions, protectionism and d tightened competition between superpowers.
KEY FIGURES
EUR 1 000 | Q3 2026 | Q3 2025 | Q1-Q3 2026 | Q1-Q3 2025 | Q1-Q4 2025 |
Net sales | 36 139 | 31 221 | 104 058 | 89 400 | 122 326 |
Change in net sales, % | 15.8% | 19.4% | 16.4% | 19.3% | 19.0% |
EBITDA | 2 737 | 3 058 | 8 416 | 5 900 | 7 583 |
EBITDA margin, % | 7.6% | 9.8% | 8.1% | 6.6% | 6.2% |
Comparable EBITDA | 2 832 | 2 195 | 6 861 | 5 070 | 6 790 |
Comparable EBITDA margin, % | 7.8% | 7.0% | 6.6% | 5.7% | 5.6% |
Comparable EBITA | 2 178 | 1 530 | 4 857 | 3 175 | 4 203 |
Comparable EBITA margin, % | 6.0% | 4.9% | 4.7% | 3.6% | 3.4% |
Operating profit/loss | 2 015 | 2 341 | 6 200 | 3 865 | 4 795 |
Operating profit/loss margin, % | 5.6% | 7.5% | 6.0% | 4.3% | 3.9% |
Comparable operating profit/loss | 2 110 | 1 478 | 4 645 | 3 035 | 4 002 |
Comparable operating profit/loss margin, % | 5.8% | 4.7% | 4.5% | 3.4% | 3.3% |
Comparable profit/loss before taxes | 1 870 | 1 229 | 3 790 | 2 120 | 2 894 |
Comparable profit/loss before taxes margin, % | 5.2% | 3.9% | 3.6% | 2.4% | 2.4% |
Net profit/loss for the period attributable to equity holders of the parent company | 984 | 1 792 | 4 031 | 2 201 | 2 130 |
Net profit/loss for the period, % | 2.7% | 5.7% | 3.9% | 2.5% | 1.7% |
Comparable net profit/loss for the period attributable to equity | 1 079 | 929 | 2 476 | 1 371 | 1 337 |
Comparable net profit/loss for the period, % | 3.0% | 3.0% | 2.4% | 1.5% | 1.1% |
Earnings per share, EUR (diluted = non-diluted) | 0.14 | 0.26 | 0.59 | 0.32 | 0.31 |
Comparable earnings per share, EUR (diluted = non-diluted) | 0.16 | 0.14 | 0.36 | 0.20 | 0.20 |
Cash flow from operating activities | 3 185 | 2 892 | 4 369 | 3 795 | 6 442 |
Return on equity (ROE), % | 5.2% | 9.3% | 18.9% | 12.3% | 13.1% |
Return on investment (ROI), % | 4.5% | 5.8% | 13.7% | 9.3% | 11.6% |
Equity-to-assets ratio at the end of period, % | 39.0% | 39.4% | 39.0% | 39.4% | 40.8% |
Debt-to-equity ratio at the end of period | 50.7% | 60.3% | 50.7% | 60.3% | 57.3% |
Investments in non-current assets | 122 | 276 | 689 | 905 | 1 320 |
Personnel on average during the period | 345 | 329 | 347 | 320 | 327 |
Temporary employees on average in person-years of work | 1 098 | 833 | 918 | 637 | 661 |
WULFF GROUP PLC'S CEO SAMI ASIKAINEN
Record-breaking performance continues
The narrative of profitable growth hasn't changed much since the beginning of the year. We are progressing according to plan. It is monotonous to repeat myself, but it is great when things are going well. Wulff's net sales saw double-digit growth in Q3 for the ninth consecutive quarter. This marks the second time in a row that we have improved upon our all-time high for comparable operating profit. Importantly, the strong growth in net sales is primarily organic, service businesses serving as our growth engine. In product businesses, growth is stable, and earnings capacity has improved thanks to a more efficient cost structure.
The third quarter was our best ever in terms of comparable operating profit. Comparable operating profit stood at EUR 2.1 million, an increase of 42.8%. Operating profit grew in both of Wulff's segments. Strong cash flow and our solid financial position put us in an excellent position to execute our growth strategy.
Net sales in the Worklife Services segment increased by 43.5% during the January-September period. Net sales increased across all service business areas: staff leasing services grew organically and financial management services through acquisitions. All regional Wulff Works companies are growing significantly faster than the market and as a result, profitability has improved despite the resources allocated to growth. We have opened several new locations in Finland and the first office abroad in Romania. The operations there have gotten off to a promising start. We have discontinued unprofitable summer events and physician staff leasing services due to lower-than-expected earnings capacity. Wulff Entre, a exhibition stand design company that has long been part of Wulff (though small in terms of overall earnings impact), achieved a remarkable profitability improvement, reflecting a brighter outlook for Finnish export companies.
In 2026, financial management services have grown primarily through acquisitions. In this business, we have sharpened our operational focus in several ways. We adopted a new shared name-Wulff Ekonomi-while retaining the strong local brands of our accounting firms. We are now focusing on renewing our leadership model and streamlining our organizational structure. At the end of the year, we are merging our smallest offices into larger units. While these changes will weigh somewhat on earnings in the short term, they lay the foundation for acquisition-led growth.
We significantly improved our results in the Products for Work Environments segment. Earnings from our Finnish operations benefited from increased logistics efficiency and lower fixed costs. In Scandinavia, net sales grew thanks to an excellent customer and product strategy; this growth was achieved by expanding beyond traditional office supplies. We have begun implementing the same strategy in Finland. This opens new growth opportunities for us and expands our total potential addressable market.
Wulff plays a vital role in Finnish working life. Our products are used in thousands of workplaces across Finland and Scandinavia. Wulff Ekonomi serves five thousand Finnish companies. Over three thousand professionals have worked at Wulff Works' client companies this year. Wulff makes the world a better place, one encounter at a time. In the realm of workplace products, sustainability translates into more responsible choices, smarter logistics, and solutions that make the workday meaningful. In financial management services, value is created through trust, expertise, and high-quality, personalized service. In our staff leasing services, it is important to us that our employees enjoy their time with our clients and that employment relationships are managed responsibly.
Thank you to the Wulff team and our clients: it is inspiring to continue our growth story together. The best results come from skilled people and a positive atmosphere.
GROUP'S NET SALES AND RESULT
JULY-SEPTEMBER 2026
Net sales increased by 15.8% from the previous year and totalled EUR 36.1 million (31.2).
Worklife Services Segment's net sales increased by 37.7%.
Products for Work Environments Segment's net sales increased by 0.4%. Net sales decreased in Finland by 2.0% and increased in Scandinavia by 6.6%.
The gross margin amounted to EUR 9.8 million (8.7) being 27.1% (27.9) of net sales.
Employee benefit expenses amounted to EUR 5.0 million (4.8) being 13.9% (15.2) of net sales. A one-off cost of EUR 0.1 million was recorded in relation to restructurings carried out in September; this has been excluded from the comparable result.
Other operating expenses amounted to EUR 2.1 million (1.8) being 5.8% (5.8) of net sales.
EBITDA amounted EUR 2.7 million (3.1), or 7.6% (9.8) of net sales and comparable EBITDA amounted to EUR 2.8 million (2.2), or 7.8% (7.0) of net sales.
Operating profit (EBIT) amounted to EUR 2.0 million (2.3), or 5.6% (7.5) of net sales and comparable operating profit amounted to EUR 2.1 million (1.5), or 5.8% (4.7) of net sales.
Financial income totalled EUR 0.1 million (0.0) and financial expenses totalled EUR 0.3 million (0.2), including interest expenses of EUR 0.3 million (0.2), and mainly currency-related other financial items.
Result before taxes was EUR 1.8 million (2.1), and the comparable result before taxes was EUR 1.9 million (1.2).
Net profit attributable to equity holders of the parent company was EUR 1.0 million (1.8) and comparable net profit was EUR 1.1 million (0.9).
Earnings per share (EPS) were EUR 0.14 (0.26) and comparable earnings per share (EPS) were 0.16 (0.14).
JANUARY-SEPTEMBER 2026
Net sales increased by 16.4% and totalled EUR 104.1 million (89.4).
Worklife Services Segment's net sales increased by 43.5%. The acquisitions of accounting companies implemented in January 2026 increased the net sales in January-September by EUR 0.9 million.
Products for Work Environments Segment's net sales increased by 0.5%. Net sales decreased in Finland by 1.8% and increased in Scandinavia by 6.3%.
The gross margin amounted to EUR 29.4 million (25.8) being 28.3% (28.9).
Employee benefit expenses amounted to EUR 16.6 million (15.2) being 16.0% (17.0) of net sales. As a result of the change negotiations carried out in January, a one-time expense of EUR 0.2 million was incurred, which has been removed from the comparable result. A one-off cost of EUR 0.1 million was recorded in relation to restructurings carried out in September; this has been excluded from the comparable result.
Other operating expenses amounted to EUR 6.4 million (5.9) being 6.2% (6.5) of net sales.
EBITDA amounted EUR 8.4 million (5.9), or 8.1% (6.6) of net sales and comparable EBITDA amounted to EUR 6.9 million (5.1), or 6.6% (5.7) of net sales.
Operating profit (EBIT) amounted to EUR 6.2 million (3.9), or 6.0% (4.3) of net sales in and comparable operating profit amounted to EUR 4.6 million (3.0), or 4.5% (3.4) of net sales.
Financial income totalled EUR 0.2 million (0.1) and financial expenses totalled EUR 1.0 million (1.0), including interest expenses of EUR 0.7 million (0.7), and mainly currency-related other financial items.
Result before taxes was EUR 5.3 million (3.0), and the comparable result before taxes was EUR 3.8 million (2.1).
Net profit attributable to equity holders of the parent company was EUR 4.0 million (2.2) and comparable net profit was EUR 2.5 million (1.4).
Earnings per share (EPS) were EUR 0.59 (0.32) and comparable earnings per share (EPS) were 0.36 (0.20).
SUBSEQUENT EVENTS
The Group has not had any significant events after the reporting period.
STRATEGY
Wulff Group Plc's Board of Directors confirmed the company's updated strategy and financial targets for 2025-2030. At the core of the growth strategy are profitability and sustainability.
Growth is sought especially in the company's Worklife Services Segment. The company's staff leasing and consulting businesses have strong potential for robust organic growth. The growth is accelerated by M&A, especially in Wulff's accounting business.
The strategy focuses on continuous improvement of the customer experience, utilization of technology, sustainable growth and considered acquisitions that support the strategy. Wulff's goal is to make the world and working life better - one encounter at a time.
The company's targets for the strategy period are:
• Net sales of EUR 230 million in 2030
• Comparable operating profit of EUR 20 million in 2030
• Growing dividend per share
FINANCIAL REPORTING
Wulff Group Plc will release the following financial reports in 2027:
Financial Statements Release 2026 Monday February 15, 2027
Annual Report 2026 Thursday March 4, 2027
Interim Report January-March 2027 Monday April 26, 2027
Half-Year Report January-June 2027 Thursday July 15, 2027
Interim Report January-September 2027 Monday October 18, 2027
The publication time is approximately at 9:30 a.m. on the day of publication.
Wulff Group Plc's financial announcements and the IR calendar can be found from our website https://www.wulff.fi/en/ir-calendar.
In Espoo on October 19, 2026
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Sami Asikainen
tel. +358 40 700 9915
e-mail: sami.asikainen@wulff.fi
DISTRIBUTION
Nasdaq Helsinki Oy
Key media
www.wulff.fi/en
What Wulff?
Worklife Services from staff leasing to recruitment, direct searches and consulting, and from financial management to employment services. Products and solutions for work environments: we are a partner for international corporations, the public sector and SMEs. We bring everything from coffee to copy paper, from refreshments to toner cartridges and from fruit to care products to the workplace. Our experts also provide services in branding solutions and ergonomics. Founded in 1890 and listed on the stock exchange in 2000, Wulff operates in Finland, Sweden, Norway and Denmark and its net sales in 2025 was EUR 122.3 million. The aim is to achieve net sales of EUR 230 million in 2030 by continuously developing own and customers' businesses to be more sustainable.
